PROJECTS: SWPC announces financial close of Jubail-3B Independent Water Project

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Saudi Water Partnerships Company (SWPC) announced on Tuesday the financial close for the 570,000 cubic metres per day (m3/day) Jubail-3B Independent Water Project (IWP).

The SWPC statement pegged the total project cost at around 2.6 billion Saudi riyals ($693 million).

In June, Zawya Projects had reported that SWPC had awarded the Jubail 3B IWP to a consortium of France's Engie, and local firms Nesma and Ajlan.

SWPC said Jubail 3B will also include a 60-megawatt peak capacity solar photovoltaic facility – the largest in-house solar capability for a desalination plant in the Kingdom – to reduce the cost of electricity per m3, and a reservoir with a storage capacity equivalent to a day's production.

In addition, it will include 380kV Electrical Special Facilities with ~59 km Overhead Transmission Lines (OHL), Engie said in a separate statement.

SWPC's CEO Khalid Al-Quraishi noted that "despite the fluctuations, liquidity crises and changing global market conditions, SWPC succeeded in completing the financial closure in close cooperation with the consortium and the group of lenders."

(Writing by Senthil Palanisamy; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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